07/09/2019- A bill signed Monday by Governor Gretchen Whitmer could offer relief for farmers in Michigan hit hard by this year’s cold and wet conditions. House Bill 4234 provides $15-million in funding for the Agricultural Disaster Loan Origination Program which assists farmers that experience crop damage or loss. Because of the spring’s record-setting rain, only about 63% of Michigan corn seeds and 43% of soybeans were planted this year. Representative Beau LaFave of Iron Mountain supports the legislation.
The bill buys down the interest on private assistance loans issued to farmers and LaFave and says it will help stabilize the finances of Michigan’s second-largest economic industry.
To be eligible for the Agricultural Disaster Loan Origination Program, a farmer or agricultural business in Michigan must suffer a production or sales loss of 50% or more. LaFave expects the new bill to take effect immediately.